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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 51 slides",
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  "authorName": "Goldman Sachs",
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  "presentationDate": "2022-12-01 00:00:00",
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  "notes": "The chart highlights a clear valuation premium for RIAs compared to IBDs, with RIA multiples trending upward over time.",
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      "text": "RIAs have received superior valuations given perception of higher quality revenue, ownership of end client, and large consolidation opportunity",
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      "kind": "source-note",
      "text": "Source: Cerulli, SNL, company filings, website, press releases, investor presentations, and news articles. 'Represents RR EBITDA multiple. 2Minority investment. *Preferred structure.",
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      "text": "Wealth Management M&A Valuation Multiples",
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